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The Verge Picks Apart the Financial Engineering Turning GPU Compute Into an Asset Class
The Verge examines Nvidia's arrangements with Goldman, BlackRock, Apollo and Blackstone that treat GPU compute as a financeable asset class, and argues the structure does not hold up under scrutiny. The concern is that depreciating hardware with a three-to-five year useful life is being underwritten like long-duration infrastructure. If you are modeling AI capex durability, the financing structure is now a bigger risk variable than chip supply.
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